Western Union has signed an agreement with kakaobank, a mobile-first bank in South Korea, to offer digital international money transfers to customers in Korea through kakaobank’s mobile app.
This agreement marks Western Union’s foray in the wider North Asia region, integrating its cross-border functionalities with kakaobank’s mobile banking app for customers in South Korea.
Once activated, over 6,000,000 customers using kakaobank’s mobile app can connect to Western Union’s over half a million agent locations in more than 200 countries and territories. kakaobank customers will be able to send and receive international money transfers, directly from their mobile phones, 24/7.
Western Union Global Money Transfer president Odilon Almeida said: “With the increased popularity of mobile banking, providing customers with convenient digital money transfer services in addition to retail services, is key to serving their needs.
“We are delighted to work with kakaobank to bring digital, cross-border money transfer services to customers in Korea and those wishing to send money to Korea from around the world.”
According to Pew Research Center, Korea stands out as the most digitally connected country, with 96% of adults reporting internet use1 and about 94% adults owning a smartphone.
Kakaobank CEO Ho Young Yun said: “The convenient and reliable flow of remittances is important for any country, and we are delighted to be collaborating with Western Union to provide this digital capability to our vast network of customers and enhance their experience with us.
“Western Union’s brand strength through its network size and reach, convenience and reliability – is well known and, we are proud to be working with them to expand our portfolio of service offerings to our customers.”
Western Union has been providing money transfer services in Korea since 2001 and has more than 4,300 agent locations in the country. With this addition of mobile service, customers in Korea will have a choice between digital and retail money transfer services.
Source: Company Press Release